Property Type

Berkadia Arranges Sale of 380-Unit Lenox Clear Lake Apartments in Southeast Houston

by Taylor Williams June 8, 2022

HOUSTON — Berkadia has arranged the sale of Lenox Clear Lake, a 380-unit apartment community in southeast Houston. Lenox Clear Lake offers one-, two- and three-bedroom apartments ranging in size from 574 to 1,721 square feet. Units are furnished with granite countertops, stainless steel appliances, walk-in closets, washers and dryers and private balconies/patios. Amenities include two pools, a fitness center, clubhouse with a coffee bar, game room, two dog parks, children’s play area and a car wash station. Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Austin-based OHT Partners, in the transaction. New York-based investment firm The Praedium Group acquired the asset for an undisclosed price.

June 8, 2022

Acquisitions Multifamily Texas

29th Street Capital Sells 308-Unit Live Oak Place Apartments in Northeast San Antonio

by Taylor Williams June 8, 2022

SAN ANTONIO — Chicago-based investment firm 29th Street Capital (29SC) has sold Live Oak Place, a 308-unit apartment community in Northeast San Antonio. The property features a mix of studio, one- and two-bedroom units with an average unit size of 668 square feet. Communal amenities include three pools, a clubhouse with a coffee bar and Wi-Fi, onsite laundry facilities and two dog parks. Jim Young, Matt Michelson and Chase Easley of Newmark represented 29SC in the sale. Matt Greer and Andrew Wilson, also with Newmark, arranged acquisition financing on behalf of the undisclosed buyer.

June 8, 2022

Industrial Leasing Activity Texas

Baik Brands Signs 104,000 SF Industrial Lease in Dallas

by Taylor Williams June 8, 2022

DALLAS — Baik Brands, a cosmetics firm that is the parent company of several e-commerce brands, has signed a 104,000-square-foot industrial lease in the Stemmons Crossroads area of Dallas. Jeremy Mercer of Mercer Co. and John Roper of CBRE represented Baik Brands in the lease negotiations. Robert Adams represented the landlord, Rosebriar Properties, on an internal basis.

June 8, 2022

Industrial Loans New Jersey Northeast

PGIM Provides $350M Acquisition Loan for Southern New Jersey Industrial Portfolio

by Taylor Williams June 8, 2022

NEW JERSEY — PGIM Real Estate, in conjunction with global asset management firm AXA IM Alts, has provided a $350 million acquisition loan for a portfolio of 29 industrial properties totaling roughly 4.9 million square feet in Southern New Jersey. The specific names and locations of the properties were not disclosed, but the assets are located in Burlington and Gloucester counties. The borrower was an undisclosed institutional investor.

June 8, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Negotiates $29M Sale of Multifamily Property in Keyport, New Jersey

by Taylor Williams June 8, 2022

KEYPORT, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $29 million sale of a 132-unit multifamily property located at 251 Atlantic St. in the Northern New Jersey community of Keyport. The property consists of six buildings that house 22 studios, 78 one-bedroom units, 30 two-bedroom residences and two three-bedroom apartments. Amenities include a fitness center and onsite laundry facilities. Robert Holland and Barry Waisbrod of Kislak represented the seller, an entity doing business as Keyport Village Apartments DE LLC, in the transaction. Joni Sweetwood, also with Kislak, procured the undisclosed buyer.

June 8, 2022

Industrial Loans Massachusetts Northeast

JLL Arranges $20.3M Acquisition Loan for Metro Boston Industrial Property

by Taylor Williams June 8, 2022

PEABODY, MASS. — JLL has arranged a $20.3 million acquisition loan for a 157,293-square-foot industrial property located in the northeastern Boston suburb of Peabody. Built in 1986, the property was fully leased at the time of the loan closing to Wakefield Moving Storage and Paradigm Precision. Building features include a clear height of 24 feet, 17 tailboard docks, one drive-in door and ample parking. Brett Paulsrud and Amy Lousararian of JLL placed the seven-year, fixed-rate loan through Metro Credit Union. The borrower was a partnership between Oliver Street Capital and Bain Capital Real Estate.

June 8, 2022

Acquisitions Industrial New Jersey Northeast

NAI Hanson Brokers Sale of 117,340 SF Industrial Building in Wayne, New Jersey

by Taylor Williams June 8, 2022

WAYNE, N.J. — NAI James E. Hanson has brokered the sale of a 117,340-square-foot industrial building in the Northern New Jersey community of Wayne. Situated on 10.5 acres and fully leased at the time of sale, the property features a clear height of 26 feet. Scott Perkins, Chris Todd and William Ericksen of NAI Hanson represented the buyer, Chicago-based CenterPoint Properties, in the transaction. The seller was an entity doing business as 100 Demarest Drive LLC.

June 8, 2022

Leasing Activity New York Northeast Office

PNC Bank Signs 70,000 SF Office Lease Renewal at 340 Madison Avenue in Manhattan

by Taylor Williams June 8, 2022

NEW YORK CITY — PNC Bank has signed a 70,000-square-foot office lease renewal at 340 Madison Avenue in Manhattan. The lease comprises 64,941 square feet of office space across several floors and a 5,336-square-foot retail branch. William Elder, Andrew Ackerman and Alexandra Budd represented the landlord, RXR Realty, on an internal basis. David Simson and David Falk of Newmark represented the tenant. PNC Bank has been a tenant at the building since 2008.

June 8, 2022

Development Industrial Midwest Ohio

Stonemont Financial Group to Build 450,000 SF Spec Industrial Development Near Cleveland

by Kristin Harlow June 8, 2022

WESTFIELD CENTER, OHIO — Stonemont Financial Group has unveiled plans to build a 450,000-square-foot speculative industrial development in Westfield Center near Cleveland. Named Westfield Commerce Park, the Class A facility marks Stonemont’s first speculative development in Northeast Ohio. Plans call for a clear height of 36 feet, cross-dock configuration, 500 car parking spaces, 130 trailer stalls, 65 dock doors and four drive-in doors. Stonemont is the developer, while Pinnacle Bank and PCCP are debt and capital partners. JLL will oversee lease-up. Completion is slated for the first quarter of 2023.

June 8, 2022

Loans Michigan Midwest Multifamily

Seven Hills Realty Trust Originates $31.5M Acquisition Loan for Michigan Apartment Community

by Kristin Harlow June 8, 2022

FARMINGTON HILLS, MICH. — Seven Hills Realty Trust has originated a $31.5 million bridge loan for the acquisition and repositioning of Summit Apartments in the Detroit suburb of Farmington Hills. The 154-unit apartment community is situated along Summit Drive. Seven Hills funded an initial advance of roughly $28.5 million at closing with future advances of up to $3 million available for capital expenditures. The floating-rate loan features a three-year term. Q10|Lutz Financial Services arranged the loan on behalf of the borrower, a joint venture between Andover Real Estate Partners and M Group LLC. Seven Hills is a real estate finance company managed by Tremont Realty Capital, an affiliate of The RMR Group.

June 8, 2022

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